Instead of letting March\u0027s bonus paycheque slip through your fingers, use it to help get your budget goals on track. Read more here.
when a budget is even more important
than normal. Without a budget, we don’t know where we stand. Do we spend the extra cash on a splurge, pay a bill off entirely, save for an expense that comes up once a year, or just leave it in our bank account in case we need it? There’s no right or wrong answer, but depending on your goals and financial situation, some ideas for the extra cash will work out better for you in the long run than others.
If you’re managing all your bills and expenses well, consider using the extra paycheque to pay one bill off completely. If you don’t have a bill that you can pay off entirely, pay your smallest bill down as much as possible. Psychologically, it can be extremely motivating to knock one bill off your list and redirect the payment money to another bill. This is called theThis advertisement has not loaded yet, but your article continues below.
However, before you decide where to use it, outline all your obligations to determine where an extra bit of cash can help you the most.. Whether it’s for gifts, an annual vacation, new glasses or your emergency fund, it gets easier to add to a savings account when there’s already a solid start on deposit.Article content
If you pay your mortgage semi-monthly, that comes to 24 payments each year. However, if you receive your paycheques biweekly and make your mortgage payments biweekly as well, that comes to 26 payments each year. While you won’t have as much “extra” money available in a three-paycheque month, you will save time and interest on your mortgage. It’s one way of accelerating your payments to pay your home off faster.
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How the magic of a three-paycheque month can give you a financial head startInstead of letting March\u0027s bonus paycheque slip through your fingers, use it to help get your budget goals on track. Read more here.
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